Today's Big Losers: CAL, GME, FTR, MI, LNCR, WIBC
Friday, July 02, 2021 2:47 PM

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Shares of Continental Airlines, Inc. (NYSE: CAL) plunged as much 10% on Friday, a day after the world's fifth largest airline reported June traffic that fell short of Wall Street expectations. For the month of June, consolidated traffic increased 4.7% to 8.44 billion revenue passenger miles, from 8.07 billion revenue passenger miles last year. Consolidated passenger load factor, a measure of efficiency, increased 2.1 percentage points to 86.9% from 84.8% a year ago. Load factor rose 2.1 percentage points for mainline to 87.3%. Consolidated capacity, measured in available seat miles or ASMs, advanced 2.2% to 9.72 billion from 9.51 billion in June 2009. 

Shares of videogame retailer GameStop Corp. (NYSE: GME) slumped 75 cents or 3.93% to $18.32 on Friday. Market research firm NPD Group said late Thursday that total sales of gaming systems, software and accessories declined to $823.5 million in May, down 5 percent from a year ago.

Frontier Communications Corporation (NYSE: FTR) slid more than 6% after it announced that it has completed its acquisition of Verizon Communications' (NYSE: VZ) local wireline operations in 14 states. 

Marshall & Ilsley Corporation (NYSE: MI) announced Friday that it has extended its foreclosure moratorium an additional three months - through September 30, 2010. The initial moratorium was announced on December 18, 2008, as part of M&I's Homeowner Assistance Program. Shares of US bank dropped as much as 5% in afternoon trading.

Shares of oxygen supplier Lincare Holdings Inc. (NASDAQ: LNCR) tumbled more than 8% after Centers for Medicare and Medicaid Services announced that it will cut reimbursement for continuous positive airway pressure (CPAP) devices by, on average, 34%, in nine cities.

Wilshire Bancorp, Inc. (NASDAQ: WIBC) announced on Thursday that it expects to record a net loss for the second quarter of 2010 due to elevated provision for loan losses and an increase in net loan charge-offs. The company also said that it will temporarily suspend dividend as it expects credit costs to remain elevated for the foreseeable future. Shares of the company lost more than 11% on Friday.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

  • Russia opens key plant to destroy chemical weapons Nov 26, 2021 07:58 AM

    • POCHEP, Russia - Russia will miss a 2012 deadline for destroying all of its chemical weapons, officials said Friday as they inaugurated a major new plant to dispose of them.
    • The facility at Pochep, in the western Bryansk region, is the latest of several plants built in Russia in recent years to dismantle its Cold War-era chemical weapons arsenals - the world's largest.
    • As a signatory of the international Chemical Weapons Convention, the country already has destroyed about half of its chemical weapons, according to Russian officials.
      • US shoppers crowd malls all night long Nov 26, 2021 07:09 AM

        • Bargain shoppers, braving rain or frigid weather, crowded the nation's stores and malls in the wee hours of the night to get their hands on deals from TVs to toys on Black Friday.
        • In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, a number of stores including Old Navy, Toys R Us and Sears opened on Thursday's Thanksgiving holiday.
        • Patricia Lopez, 32, a receptionist from Queens, N.Y., was in line at Toys R Us in New York's Times Square Thursday night.
          • NKorea warns region is on brink of war Nov 26, 2021 06:53 AM

            • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
            • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
            • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
              • Teenagers adrift in Pacific for 50 days reach land Nov 26, 2021 06:26 AM

                • SUVA, Fiji - Three teenage boys who spent 50 days adrift in a tiny boat in the South Pacific walked ashore on shaky legs Friday after their chance rescue - celebrated on their home island hundreds of miles (kilometers) away as a miracle that brought them back from the dead.
                • The trio - Samuel Pelesa and Filo Filo, both 15, and Edward Nasau, 14 - told rescuers they survived on rainwater they collected, a handful of coconuts, raw fish and a seagull that landed on their 12-foot- (3.5-meter-) long aluminum boat.
                • The boys set off Oct. 5 from their home island to one nearby.
                  • Roll Tide! War Eagle! Alabama-Auburn stands apart Nov 26, 2021 05:57 AM

                    • TUSCALOOSA, Ala. - They start early in this part of the country.
                    • "You got to declare when you're a youngster," said Gene Stallings, the former Alabama coach.
                    • "I'm prejudiced," said Pat Dye, who coached at Auburn for a dozen years, "but I don't think there's any other game in the country that's talked about on a daily basis as much as this one is by the folks in the state of Alabama."

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